Importance of Creativity in Entrepreneurship

“Being imaginative means having ideas; being creative is converting ideas into production.” Amornrat Pratoomma, P-PAC.

In today’s world of ever growing commerce, thinking out of the box is very crucial for an entrepreneur so as to come up with something new, something beyond the traditional ideas that would have the potential to thrive better than others in the present market.

Here are a few good reasons as to why creativity is important to be successful:-

1) Surviving competition.

Entrepreneurship is a practice that involves creation and analysis of a potential opportunity. For an entrepreneur, to make their product or technology stand out they have to be able to think out of the box and generate ideas that are attainable as well as efficient, giving them an upper hand over the competition.

2) Newer solutions for existing technology.

Creativity helps in moving from the traditional and accustomed to undiscovered ideas, it helps to develop new ways of remodeling an existing product or technology and operating a business. Creativity allows an entrepreneur to get a new perspective towards the problem or when improving an existing service or introducing something new.

3)Surpassing the limits.

Entrepreneurship and creativity form the perfect combination for success. Creativity eliminates the short sightedness in creation of a better innovation. Imagination is needed to cross the limitations of the normal or to think outside the box. Creativity and imagination go hand in hand.

4)Encouraging critical thinking.

They are two types of thinking modes, convergent and divergent thinking. While convergent thinking involves in-depth analysis that helps in finding solutions. In contrast to which divergent thinking involves creativity in finding possible solutions for the same problem. Creativity enables us to connect unrelated subjects and make successful entrepreneurial ideas.

5) Fostering innovation.

In entrepreneurship, the most important thing that is taken into consideration is not only developing the products or technologies but also meeting the expectations. It is important to see if the technology is relevant and useful for potential consumers. Innovation is essential to the continuing success of any organization.

Factors of creative entrepreneurship:

Innovation

Investment in a project requires uniqueness and the most formative way to gain that uniqueness is innovation. An entrepreneur is always an innovative personality, it takes risks with promise of the innovative trait of the project because being an entrepreneur you may take risks but without any foolishness. There is immense growth in creativity with innovation.

Explorer

Entrepreneurship is thinking out of the box thing and for this you need experience and observance of the world. These are gained when you give time to exploring. When you explore, you see the various aspects and not exploring only through visits on documents and reports but practical visits and experience gain. This evolves the creativity giving an edge over others.

Curiosity

You cannot get creative if you are not curious. The queries are the reason and even source of answers which never existed before or were not answered before. The query : Is an affordable 4 wheeler for a scooter driving person’s family possible ? Brought Nano through the curiosity of Ratan Tata. An unanswered answer through curiosity leading Creativity at this age.

Competitive

The competition always requires creativity. You may use a particular brand for one special feature like the versatility of Samsung smartphones but using the competition of some creativity OnePlus brought the market towards itself the versatility is there with unique design, performance, reliability, economically under budget and many more . If you remain competitive, your creativity can generate hope and investment even in recession. When Steve Job was removed from his own constructed company Apple Inc. he remained competitive and creative. He started Pixar and we got one the most loved cartoon series Toy Story. The market demanded cartoons and Pixar gave it and so Disney bought it. Your competitive insights help your creativity to enhance and be efficient during the situations not thought of.